SEC opens formal probe of Grasso's NYSE pay

LeticiaWilliams

WASHINGTON (CBS.MW) -- The Securities and Exchange Commission has opened a formal investigation into the $139 million pay package of Richard Grasso, former chairman of the New York Stock Exchange, that led to his resignation last year. The SEC opened the investigation in response to a special study on Grasso's compensation and the process that determined his pay conducted by NYSE independent general counsel Dan Webb. "The commission's investigation will seek to determine whether there have been violations of the federal securities laws or NYSE rules," according to an SEC statement. Also, the agency said it will conduct the investigation in conjunction with New York Attorney General Eliot Spitzer.

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